3. Insurance Regulatory and Development Authority.
The IRDA stands for Insurance Regulatory and Development Authority.
IRDA (Insurance Regulatory Development Authority) is a regulatory body created with the aim of protecting the interests/rights of insurance holder (customer).
Main function/mission of IRDA:
- to protect the interests of the policyholders
- to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto